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The Finance Ministry has exempted 14 more district mineral foundation (DMF) trusts from payment of Income Tax, taking the total number to 165.
“Collections under DMF, as well as interest accrued, will be exempt from Income Tax,” Union Mines Minister, Pralhad Joshi, tweeted.
Further, he mentioned that this will result in more fund availability with the Trust, thus ensuring better implementation and outcome-oriented activities for the welfare of mining affected people. “The DMF is a non-profit statutory ‘Trust’ for every Indian district affected by mining-related operations. It is an initiative of the PM @narendramodi ji led Govt to ensure that funds be collected under DMF and utilised for welfare of those affected by mining-related operations,” he said.
The fund comprises of contribution by lease holders, interest received from lease holders for late payment, any penalty charged to lease holder, income from interest on fund, interest received on saving bank accounts and interest received on excess fund invested in term deposit. Exemption will be available provided the trust will not engage in any commercial activity. Its activities and the nature of the specified income will remain unchanged throughout the financial years and it will file income tax return along with audit report.
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